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Intangible Assets, Net and Goodwill | 6 Months Ended
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Jun. 30, 2024
Intangible Assets Net And Goodwill |
Intangible Assets, Net and Goodwill | Note 7. Intangible Assets, Net and Goodwill The following table sets forth the components of the Company’s intangible assets at June 30, 2024 and December 31, 2023:
Schedule of components of intellectual property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
Extraction Technology patents |  | $ | 113,430 |  |  | $ | 22,241 |  |  | $ | 91,189 |  |  | $ | 113,430 |  |  | $ | 18,905 |  |  | $ | 94,525 |
Extraction Technology |  |  | 16,385,157 |  |  |  | 7,714,678 |  |  |  | 8,670,479 |  |  |  | 16,385,157 |  |  |  | 7,305,049 |  |  |  | 9,080,108 |
Acquired crude oil contracts |  |  | 16,788,760 |  |  |  | 3,417,177 |  |  |  | 13,371,583 |  |  |  | 16,788,760 |  |  |  | 2,525,739 |  |  |  | 14,263,021 |
Total intangible assets |  | $ | 33,287,347 |  |  | $ | 11,154,096 |  |  | $ | 22,133,251 |  |  | $ | 33,287,347 |  |  | $ | 9,849,693 |  |  | $ | 23,437,654 |
The changes in the carrying amount of goodwill are as follows:
Schedule of goodwill |  |  |  |
|  | Goodwill |
January 1, 2023 |  | $ | 12,678,108 |
Business combination acquisition(1) |  |  | 2,306,660 |
December 31, 2023 |  | $ | 14,984,768 |
June 30, 2024 |  | $ | 14,984,768 |
| (1) | The measurement of assets acquired and liabilities assumed in the business combination is based on preliminary estimates made by management and subject to adjustment within twelve months. Management hired a valuation expert who performed a valuation study to calculate the fair value of the acquired assets, assumed liabilities and goodwill within twelve months. Based on the valuation study, we increased the fair value of goodwill and decreased the value of the acquired contracts by $2.3 million in 2023.

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